A service of the

With the American Rescue Plan, the US government has put in place a fiscal stimulus package worth 10% of GDP, to be followed by an equally large infrastructure package. In the EU, although the fiscal policy response has also been unprecedented, it is much smaller. As the effects of the pandemic on society and the economy are still fluid, economists and policymakers weigh their options and attempt to learn from previous recessions while looking forward to creating a coordinated response to the pandemic and beyond. On 3 June 2021, as part of the Centre for European Policy Studies’ annual flagship conference, the CEPS Ideas Lab, Intereconomics and the European Network for Economic and Fiscal Policy Research (EconPol) asked experts from both sides of the Atlantic to offer their insights on the potential lessons that could be learned for Europe. What are the effects for fiscal policymaking in Europe? Does Europe need a new fiscal framework? What does the EU have to learn from the US? Does the COVID-19 crisis require a large aggregate demand response? What can be achieved with such a policy approach? This Forum, the result of the session participants’ comments and continued discussion, addresses these questions.

  • COVID-19 Is Transforming Economic Policy in the United States

    Claudia Sahm, Stay-at-Home Macro (SAHM) Consulting

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  • Fiscal Success During COVID-19 Says Believe the Good News

    Adam S. Posen, Peterson Institute for International Economics

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  • Europe’s COVID-19 Crisis Response: A Race Well Run, But Not Yet Won

    Alfred Kammer, International Monetary Fund
    Nathaniel Arnold, International Monetary Fund

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  • EU After COVID-19: An Opportunity for Policy Coordination

    Antonia Díaz, Universidad Carlos III de Madrid
    Luis A. Puch, Universidad Complutense de Madrid

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  • Recovering From COVID-19: A Transatlantic Comparison of Fiscal Policy

    Daniel Gros, Centre for European Policy Studies

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© The Author(s) 2021

Open Access: This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (https://creativecommons.org/licenses/by/4.0/).

Open Access funding provided by ZBW – Leibniz Information Centre for Economics.


DOI: 10.1007/s10272-021-0978-5